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Manulife US REIT eyes up to US$519.2M in revived Singapore IPO

ManulifeFinancial Corp. has officially revived its listing plan forManulife US Real Estate Investment Trust in Singapore, as has filed an amendedprospectus for the IPO.

The manager expects to raise gross proceeds of betweenUS$512.9 million and US$519.2 million from the public offering andthe issuance of sponsor and cornerstone units.

Manulife US REIT will use the proceeds for workingcapital among other purposes.

The new REIT plans to offer 396,569,300 units, subjectto an overallotment option, to the public and institutional investors at anoffering price between 82 cents and 83 cents, according to the amendedprospectus filed with the Monetary Authority of Singapore.

As of May 3, the number of units in issue in thecompany is 23,600, while the total number of outstanding units immediatelyafter the IPO's completion will be 625,539,600. An exercise of theoverallotment option will not increase the total number of issued units.

Based on the minimum offering price, the REIT willhave a total capitalization of US$808.9 million. Its total capitalization basedon the top end of the offering price range is around US$815.2 million.

The REIT touts itself as the "first pure-playU.S. office REIT to be listed in Asia." Its initial portfolio will consistof the Figueroa, Michelson and Peachtree office assets in the U.S., with anaggregate net lettable area of 1,779,748 square feet.

Manulife's IPO for an S-REIT made news in May 2015, but waslater scrapped in July due to market volatility, as previously .

DBS Bank Ltd. is the sole financial adviser and issuemanager for IPO. DBS Bank Ltd. China International Capital Corp. (Singapore)Pte. Ltd., Credit Suisse (Singapore) Ltd. and Deutsche Bank AG Singapore Branchare the joint book-runners and underwriters for the offering.